REWARD MANAGEMENT
Employers urged to customise reward programmes
The days of across-the-board compensation and benefits systems are well and truly over. The focus in reward among top-performing companies is shifting to much broader and customised approaches, says a new study by the Economist Intelligence Unit and HR consultancy Towers Perrin.
Compared to their more mundane counterparts, high-performing companies — defined as those with total shareholder return in the top 10% of survey respondents over a five-year period — unanimously favour differentiating reward packages based on individual and business performance.
End of one-size-fits-all
For high-performing companies, the approach to people is not 'one big happy family', says Emmett Seaborn, a Towers Perrin consultant.
These companies define which employees create value, build winning strategies and get those people, help employees understand how their actions and decisions affect results and reward them for superior performance.
Want to know more?
Title: Business, people and rewards: surviving and thriving in the new economy, The Economist Intelligence Unit and Tower Perrin.
Methodology: The research is based on data provided by 227 senior managers in global corporations responding to a survey conducted in north America, Europe and Asia. Follow-up interviews were undertaken with 40 senior executives.
Availability: contact Towers Perrin in London, tel: 020 7379 4411, or email jackiewiles@eiu.com or conwayj@towers.com.
To read an executive summary of the report, jump to . . .
www.towers.com/towers/news/pr012401.htm
Towers Perrin www.towers.com
The Economist Intelligence Unit www.eiu.com